USDCHF Technical Analysis Report 11 June, 2024
USDCHF currency pair can be expected to rise further toward the next resistance level 0.9030, former support level which stopped the previous waves ii and 1.
– USDCHF reversed from key support level 0.8880
– Likely to rise to resistance level 0.9030
USDCHF currency pair recently reversed up from the support area located between the key support level 0.8880 (former resistance from February), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from March. The upward reversal from this support area created the daily Bullish Engulfing, which follows the earlier Japanese candlesticks reversal pattern Piercing Line that the pair formed near this support area – signalling its strength.
Given the strength of the support level 0.8880, USDCHF currency pair can be expected to rise further toward the next resistance level 0.9030, former support level which stopped the previous waves ii and 1.
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